Microeconomics

Learn the toughest concepts covered in Microeconomics with step-by-step video tutorials and practice problems by world-class tutors

The Types of Goods

Four Types of Goods and Two Characteristics

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Let's break up goods and services into different categories.

1

concept

Two Characteristics:Rivalry in Consumption and Excludability

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5m
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2

concept

The Four Types of Goods:Private Goods, Club Goods, Common Resources, and Public Goods

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11m
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3
Problem

Label the goods as Private Goods (PRI), Common Resources (CR), Club Goods (CG), or Public Goods (PUB).

4
Problem

A slice of pizza is:

5
Problem

An example of an excludable good is: